ADT Reports Second Quarter 2014 Results

The ADT Corporation (NYSE: ADT) today reported its financial results for
the second quarter of 2014. The Company reported diluted earnings per
share of $0.34 for the second quarter of 2014, which includes a non-cash
tax charge of $13 million related to Tyco's pending settlement with the
IRS of a pre-separation tax liability. Excluding this and other special
items, diluted earnings per share was $0.49(1). This compares
to diluted earnings per share excluding special items of $0.41(1)
in the second quarter of 2013. Using the Company's cash tax rate,
diluted earnings per share before special items was $0.69(1).

The Company reported total revenue of $837 million, an increase of 1.9%
compared to the second quarter of 2013. Recurring revenue, which made up
92% of total revenue in the quarter, was $773 million, up 2.2% compared
to the same period last year and up 2.8% in constant currency(1).
Recurring revenue growth was primarily driven by an increase in average
revenue per customer, which rose 3.2% over last year to $41.05. Revenue
attrition was flat at 14.2% for the quarter sequentially and unit
attrition for residential and small business was 13.7%, up 10 basis
points sequentially primarily due to higher attrition in small business.
ADT closed the quarter with 6.4 million customer accounts.

EBITDA before special items increased by $22 million to $431 million(1),
5.4% higher than the prior year and EBITDA margin before special items
was 51.5%(1), a 170 basis point improvement. The
year-over-year increase in margins was primarily attributable to
productivity improvements and cost reductions.

Free cash flow before special items increased 33% to $121 million(1)
in the quarter, up from $91 million(1) in the same period
last year. The Company also reported steady-state free cash flow before
special items, calculated on a pre-tax and unlevered basis, of $786
million(1). Steady-state free cash flow was flat sequentially
as subscriber acquisition costs remained relatively high on increases in
Pulse installations, elevated attrition levels, and flat sequential
subscriber growth in the quarter.

"We drove improvements in our financial results, stabilized revenue
attrition sequentially and made significant progress on our initiatives
during the quarter," said Naren Gursahaney, ADT's chief executive
officer. "We grew EBITDA, generated substantially more free cash flow,
and delivered better bottom-line results. Also, aligned with our
strategy to capture opportunities for growth, we invested in our future
through an agreement to acquire Reliance Protectron Security Services, a
high quality security services firm in Canada. Our Pulse home automation
product continued to gain strong traction with take rates climbing to
44% combined and Pulse customer upgrades rising by 38% year-over-year.
We also strengthened our senior team, adding new talent in the roles of
chief marketing officer and vice president of dealers."

"Gross additions continue to run below our expectations as they remained
flat sequentially, with the full effect of our initiatives yet to take
hold," Gursahaney added. "Revenue attrition stabilized in the quarter at
14.2% and unit attrition was 13.7%, however, our sluggish start on gross
adds and currency headwinds have resulted in slower than expected
revenue growth in the first half of the year. Reducing attrition drives
significant value in our business model and we remain committed to
improving attrition in the second half of the year through our
relocation and non-pay initiatives."

PROGRESS ON 2014 PRIORITIES:GROWTH INITIATIVES

Growth investments in ADT Pulse - The Company continued to
invest in capturing the opportunities in interactive services and home
automation, achieving strong growth in its ADT Pulse platform. ADT
Pulse take rates climbed to 44% of customer additions, up from 23%
last year, and upgrade units increased by 38% from a year ago. ADT
Pulse customers now make up almost 12% of the total customer base,
generate higher ARPU than the average of the base, and automation
customers exhibit lower attrition characteristics.

Focusing on attrition reduction initiatives - The majority of
customer attrition is driven by relocations associated with the
housing recovery and non-pay customers. During the quarter, the
Company continued to take action to improve its ability to reduce
future customer attrition, including expanding the rollout of tighter
credit screening policies and other non-pay initiatives, strengthening
resale efforts and customer loyalty programs, and driving increased
penetration of ADT Pulse automation which exhibits better retention
characteristics. Revenue attrition was flat sequentially in the
quarter at 14.2%, while unit attrition in our residential and small
business channels was up a modest 10 basis points sequentially to
13.7%, driven largely by an increase in attrition in the small
business channel. The Company believes these actions will have a
positive impact on attrition by year-end.

Expanding dealer channel - Aligned with a key priority to
improve productivity in the dealer channel, the Company took steps to
strengthen the quality of this channel. The dealer channel drove a 36%
take rate in ADT Pulse units in the quarter, up from 11% in the
comparable period last year. Although total dealer channel sales
production for the quarter was below last year, gross additions were
up nearly 5% versus the first quarter of 2014.

Expanding presence in Small Business - The recently launched
retail services bundle exhibited solid early traction and strong
demand for ADT Pulse drove an increase in take rates to 37% during the
quarter. The Company has plans to launch additional service bundles
and continues to invest in marketing related activities and expanding
its dedicated sales force.

Leverage M&A to accelerate growth - The Company announced
that it reached an agreement to acquire Reliance Protectron Security
Services, expanding and strengthening its presence in Canada.
Protectron is a growing security company based in Canada with over 400
thousand high quality residential and commercial accounts (including
30,000 contract monitored accounts), strong management team, and
recurring monthly revenue of approximately $11 million. This
acquisition aligns with the Company's strategy to expand its core
business and enhance its capabilities and is expected to close in the
fourth quarter 2014 pending necessary regulatory approvals.

Forging new partnerships to achieve future vision - The
partnership announced last quarter with McAfee will go live in Q3'14,
extending our platform to protect both physical and digital assets.
Additionally, the Company entered into a strategic partnership with
Runway, a community of technology start-ups and entrepreneurs based in
San Francisco, and also sponsored the Urban Future Lab, an incubation
program at NYU Polytech School of Engineering. These organizations
will report technology trends that are relevant to all three of ADT’s
business channels - across devices, services, and platforms, and
introduce ADT to start-up tech companies to partner with, or
potentially invest in.

Innovations in ADT Pulse and Product Development - The Company
continues to enhance the customer home automation experience, and is
taking steps to broaden its services into protecting more aspects of
customers lives:

The Company is on track to launch the ADT Pulse Voice and the
Remote Garage Door Control solutions in 2H'14

ADT's personal protection Canopy App was launched into a family
and friends pilot

"On the cost and capital front, the Company continues to pursue a dual
strategy of investing in growth while at the same time implementing
measures to increase operating margins and returning capital to
shareholders," said Michael Geltzeiler, ADT’s chief financial officer.
"In the second quarter, we continued to invest in our business both
organically and through M&A, to strengthen our core business and we
continued to return capital to shareholders by shrinking our
capitalization. We also reported improvements in our cost structure,
margins and cash flows reflecting our various initiatives in those
areas. EBITDA margin before special items(1) approached our
full year guidance and free cash flow before special items(1)
grew 78% sequentially and 33% versus prior year."

PROGRESS ON 2014 PRIORITIES:COST EFFICIENCIES

The Company made progress on its cost efficiency initiatives,
improving its recurring revenue margin and slightly improving its
creation multiple on a sequential basis. Total operating expenses
before special items(3) were up only 2% over last year
despite the acquisition of Devcon and higher depreciation and
amortization expenses before special items(3) of 9%. EBITDA
margin before special items rose to 51.5%(1), up 170 basis
points versus prior year and 70 basis points versus Q1 2014.

Cost to serve / G&A - Cost to serve before special items(3)
was relatively flat to the comparable period last year and lower by 1%
sequentially, despite higher product related costs associated with the
increase in ADT Pulse accounts and support costs related to the Devcon
acquisition. Improvements were driven by a number of factors including
the implementation of the self-service battery replacement program, a
reduction in dispatch service calls due to outage assessment
initiatives, Devcon synergies, and lower G&A costs related to ongoing
restructuring efforts.

Subscriber acquisition cost / Creation multiple - Net Creation
multiple for both the direct and dealer channels combined, excluding
the impact of Pulse upgrades, was 32.1x, 13% higher than last year,
but declined slightly on a quarter sequential basis. The
year-over-year deterioration is related to higher SAC driven by Pulse
automation sales and the lower level of gross additions for the fixed
cost components of SAC to be spread. Sequential improvements in the
net creation multiple were driven by the optimization of paid search
activities, modifications to our promotional offers, and
rationalization in the installation area. Looking forward, we expect
to benefit more fully from these and other initiatives including the
launch of electronic contracts and planned hardware efficiencies.

PROGRESS ON 2014 PRIORITIES:CAPITAL STRUCTURE OPTIMIZATION

M&A - The Company announced the acquisition of Reliance
Protectron Security Services for approximately $500 million. The
acquisition is expected to close in the summer pending regulatory
approvals, and will be funded from cash on hand and additional
borrowings against our revolver.

Share repurchase - The Company continued to return cash to
shareholders under its previously announced three-year, $3 billion
share repurchase program, repurchasing 6.7 million of its shares for
$200 million during the second quarter through April 25th. This is in
addition to closing out the accelerated share repurchase on February
25th, which reduced the share count by an additional 2.9 million.
Since the beginning of this fiscal year, the Company has repurchased
35 million shares for $1.4 billion, at an average price of $38.49.

Issued new debt - During the quarter, the Company issued $500
million aggregate principal amount senior unsecured term notes.
Long-term debt totaled $4.7 billion at the end of the quarter,
bringing our leverage ratio, based off of a trailing twelve month
EBITDA before special items, to 2.7(1).

Increased quarterly dividend - The Company paid a quarterly
dividend of $0.20 per share on February 19th, an increase of 60%.

FISCAL 2014 RESULTS HIGHLIGHTS

($ in millions, except per share amounts)

Q2 2014

Q2 2013

Change

Recurring revenue

$

773

$

756

2.2%

Other revenue

$

64

$

65

(1.5)%

Total revenue

$

837

$

821

1.9%

EBITDA before special items(1)

$

431

$

409

5.4%

EBITDA margin before special items(1)

51.5

%

49.8

%

170 bps

Net income

$

63.0

$

107.0

(41.1)%

Diluted earnings per share

$

0.34

$

0.47

(27.7)%

Diluted earnings per share before special items(1)

$

0.49

$

0.41

19.5%

Diluted weighted-average shares outstanding

183

229

(20.1)%

(1)Reconciliations from GAAP to non-GAAP financial
measures can be found in the attached tables.

(2)All variances are year-over-year unless
otherwise noted.

(3)Operating expenses in Q2 2014 include special
items totaling $19 million, which is comprised of $7 million in cost to
serve, $8 million in depreciation and amortization and $4 million in
separation costs; Q1 2014 operating expenses include special items
totaling $14 million, comprised of $9 million in cost to serve and $5
million in separation costs; Q2 2013 operating expenses include special
items of $5 million within separation costs.

CONFERENCE CALL AND WEBCAST

Management will discuss the Company's second quarter 2014 results during
a conference call and webcast today beginning at 8:30 a.m. (ET). During
the conference call and webcast management will refer to a slide
presentation hosted on and accessible at http://investors.adt.com.
Today's conference call for investors can be accessed in the following
ways:

By telephone: For both "listen-only" participants and those
participants who wish to take part in the question-and-answer portion
of the call, the telephone dial-in number in the United States is
(800) 299-8538, pass code 59694880 when prompted. The telephone
dial-in number for participants outside the United States is (617)
786-2902, pass code 59694880 when prompted.

An audio replay of the conference call will be available at 12:30 p.m.
(ET) on April 30, 2014 and ending at 11:59 p.m. (ET) on May 21, 2014.
The dial-in number for participants in the United States is (888)
286-8010, pass code 97381852 when prompted. For participants outside
the United States, the replay dial-in number is (617) 801-6888, pass
code 97381852 when prompted.

ABOUT ADT

The ADT Corporation (NYSE: ADT) is a leading provider of electronic
security, interactive home and business automation and monitoring
services for residences and small businesses in the United States and
Canada. ADT's broad and pioneering set of products and services,
including ADT Pulse interactive home and business solutions, and home
health services, meet a range of customer needs for today’s active and
increasingly mobile lifestyles. Headquartered in Boca Raton, Florida,
ADT helps provide peace of mind to more than six million customers, and
it employs approximately 16,000 people at 200 locations. More
information is available at www.adt.com
or by downloading the ADT IR app for iPhone,
iPad
and Android
Devices.

From time to time, ADT may use its website as a channel of distribution
of material Company information. Financial and other material
information regarding the Company is routinely posted on and accessible
at http://investors.adt.com.
In addition, you may automatically receive email alerts and other
information about ADT by enrolling your email by visiting the "Investor
Relations" section at http://investors.adt.com.

NON-GAAP MEASURES

Revenue in constant currency, recurring revenue in constant currency,
leverage ratio, earnings before interest, taxes, depreciation and
amortization (EBITDA), EBITDA margin, EBITDA (pre-SAC), EBITDA margin
(pre-SAC), free cash flow (FCF), steady-state free cash flow (SSFCF),
diluted earnings per share (EPS) and diluted EPS at cash tax rates, in
each case "before special items," are non-GAAP measures that may be used
from time to time and should not be considered replacements for GAAP
results.

Revenue and recurring revenue in constant currency are useful
measures because they provide transparency to the underlying performance
in markets outside the United States by excluding the effect that
foreign currency exchange rate fluctuations have on comparability.Revenue
and recurring revenue in constant currency as presented herein may not
be comparable to similarly titled measures reported by other companies.The difference between revenue (the most comparable GAAP measure),
revenue in constant currency (non-GAAP measure), and recurring revenue
in constant currency (non-GAAP measure) is the exclusion of the impact
of foreign currency exchange fluctuations.This is also the
primary limitation of this measure which is best addressed by using
revenue and recurring revenue in constant currency in combination with
GAAP revenue.

The leverage ratio is defined as the ratio of EBITDA before special
items to total debt.The leverage ratio is a useful measure of
the Company's credit position and progress towards leverage targets.Refer
to the discussion on EBITDA before special items for a description of
the differences between the most comparable GAAP measure.The
calculation is limited in that the Company may not always be able to use
cash to repay debt on a dollar-for-dollar basis.

EBITDA is a useful measure of the Company's success in acquiring,
retaining and servicing our customer base and ability to generate and
grow recurring revenue while providing a high level of customer service
in a cost-effective manner.The difference between Net Income
(the most comparable GAAP measure) and EBITDA (the non-GAAP measure) is
the exclusion of interest expense, the provision for income taxes,
depreciation and amortization expense.Excluding these items
eliminates the impact of expenses associated with our capitalization and
tax structure as well as the impact of non-cash charges related to
capital investments.

EBITDA (pre-SAC) is a useful measure of the Company’s success in
retaining and servicing our customer base while providing a high level
of customer service in a cost-effective manner.The difference
between Net Income (the most comparable GAAP measure) and EBITDA
(pre-SAC) (the non-GAAP measure) is the exclusion of interest expense,
the provision for income taxes, depreciation expense, amortization
expense, and subscriber acquisition related revenue and expenses.Excluding
these items eliminates the impact of expenses associated with our
capitalization and tax structure, the impact of non-cash charges related
to capital investments and the impact of growing our subscriber base.

In addition, from time to time, the Company may present EBITDA and
EBITDA (pre-SAC) before special items, which are the respective
measures, adjusted to exclude the impact of the special items
highlighted below.This number provides information to investors
regarding the impact of certain items management believes are useful to
identify, as described below.

There are material limitations to using EBITDA and EBITDA (pre-SAC).EBITDA and EBITDA (pre-SAC) may not be comparable to similarly titled
measures reported by other companies.Furthermore, EBITDA and
EBITDA (pre-SAC) do not take into account certain significant items,
including depreciation and amortization, interest expense and tax
expense, which directly affect our net income.Additionally,
EBITDA (pre-SAC) does not take into account expenses related to
acquiring new customers. These limitations are best addressed by
considering the economic effects of the excluded items independently,
and by considering EBITDA and EBITDA (pre-SAC) in conjunction with net
income as calculated in accordance with GAAP.The EBITDA and
EBITDA (pre-SAC) discussion above is also applicable to the respective
margin measures.

FCF is a useful measure of our ability to service debt, make other
investments and return capital to shareholders through dividends and
share repurchases.The difference between Cash Flows from
Operating Activities (the most comparable GAAP measure) and FCF (the
non-GAAP measure) consists of the impact of capital expenditures,
subscriber system assets, dealer generated customer accounts and bulk
account purchases.Dealer generated accounts are accounts that
are generated through the network of authorized dealers.Bulk
account purchases represent accounts acquired from third parties outside
of the authorized dealer network, such as other security service
providers, on a selective basis.These items are subtracted from
cash flows from operating activities because they represent long-term
investments that are required for normal business activities.

SSFCF is a useful measure of pre-levered cash that is generated by
the Company after the cost of replacing recurring revenue lost to
attrition, but before the cost of new subscribers that drive recurring
revenue growth.The difference between Net Income (the most
comparable GAAP measure) and SSFCF (the non-GAAP measure) consists of
the factors discussed above regarding EBITDA (pre-SAC), on a
quarter-to-date basis. EBITDA (pre-SAC) is then annualized and adjusted
for additional factors, described in the reconciliation below, required
to maintain the steady-state.Certain components of these inputs
are determined using trailing twelve month information or information
from the most recent quarter.

In addition, from time to time the Company may present FCF and SSFCF
before special items, which is FCF or SSFCF, adjusted to exclude the
cash impact of the special items highlighted below.These numbers
provide information to investors regarding the cash impact of certain
items management believes are useful to identify, as described below.

The limitation associated with using FCF and SSFCF is that they
adjust for certain items that are ultimately within management's and the
Board of Directors' discretion to direct and therefore may imply that
there is less or more cash that is available than the most comparable
GAAP measure.This limitation is best addressed by using FCF and
SSFCF in combination with other GAAP financial measures.

CIO, CTO & Developer Resources

FCF and SSFCF as presented herein may not be comparable to similarly
titled measures reported by other companies.These measures
should be used in conjunction with other GAAP financial measures.Investors
are urged to read the Company's financial statements as filed with the
Securities and Exchange Commission, as well as the accompanying tables
to this press release that show all the elements of the GAAP measure.

Diluted EPS at cash tax rates is a useful measure of the Company's
diluted earnings per share after considering the difference between the
effective tax rate and cash tax rate.The difference between
diluted EPS (the most comparable GAAP measure) and diluted EPS at cash
tax rates (the non-GAAP measure) is the exclusion of the impact of
income tax expense and the inclusion of the impact of income taxes paid,
net of refunds.Adjusting for these items provides information on
the impact of our net operating loss carryforwards on our diluted EPS.

The Company has presented its diluted EPS, diluted EPS at cash tax
rates, EBITDA, EBITDA margin, EBITDA (pre-SAC), EBITDA margin (pre-SAC),
FCF, SSFCF and other measures before special items.Special items
include charges and gains related to acquisitions, restructurings,
impairments, and other income or charges that may mask the underlying
operating results and/or business trends of the Company.The
Company utilizes these measures to assess overall operating performance,
as well as to provide insight to management in evaluating overall
operating plan execution and underlying market conditions.The
Company may also present its effective tax rate as adjusted for special
items for consistency.One or more of these measures may be used
as components in the Company's incentive compensation plans.These
measures are useful for investors because they may permit more
meaningful comparisons of the Company's underlying operating results and
business trends between periods.The difference between net
income and diluted EPS before special items and net income and diluted
EPS (the most comparable GAAP measures) consists of the impact of the
special items noted above on the applicable GAAP measure.EBITDA,
EBITDA margin, EBITDA (pre-SAC) and EBITDA margin (pre-SAC) before
special items do not reflect any additional adjustments that are not
reflected in net income before special items.The limitation of
these measures is that they exclude the impact (which may be material)
of items that increase or decrease the Company's reported operating
income and operating margin and net income and EPS.This
limitation is best addressed by using the non-GAAP measures in
combination with the most comparable GAAP measures in order to better
understand the amounts, character and impact of any increase or decrease
on reported results.

FORWARD-LOOKING STATEMENTS

Our reports, filings, and other public announcements may include
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended.These forward-looking
statements relate to anticipated financial performance, management's
plans and objectives for future operations, business prospects, outcome
of regulatory proceedings, market conditions and other matters.We
make these forward-looking statements in reliance on the safe harbor
protections provided under the Private Securities Litigation Reform Act
of 1995.All statements, other than statements of historical
facts, included in this press release or report that address activities,
events or developments that we expect, believe or anticipate will exist
or may occur in the future, are forward-looking statements.Forward-looking
statements can be identified by various words such as "expects,"
"intends," "will," "anticipates," "believes," "confident," "continue,"
"propose," "seeks," "could," "may," "should," "estimates," "forecasts,"
"might," "goals," "objectives," "targets," "planned," "projects," and
similar expressions.These forward-looking statements are based
on management's current beliefs and assumptions and on information
currently available to management that are subject to risks and
uncertainties, many of which are outside of our control, and could cause
future events or results to be materially different from those stated or
implied in this press release or report.Specific factors that
could cause actual results to differ from results contemplated by
forward-looking statements include, among others, the following:

competition in the markets we serve, including new entrants in
these markets;

entry of potential competitors upon the expiration of
non-competition agreements;

unauthorized use of our brand name;

risks associated with ownership of the ADT® brand name outside of
the United States and Canada by Tyco International Ltd., our former
parent company ("Tyco");

failure to enforce our intellectual property rights;

allegations that we have infringed the intellectual property rights
of third parties;

failure to maintain the security of our information and technology
networks;

interruption to our monitoring facilities;

an increase in the rate of customer attrition;

downturns in the housing market and consumer discretionary income;

our ability to develop or acquire new technology;

changes in U.S. and non-U.S. governmental laws and regulations;

increase in government regulation of telemarketing, e-mail
marketing and other marketing upon cost and growth of our business;

risks associated with our non-compete and non-solicit arrangements
with Tyco;

risks associated with pursuing business opportunities that diverge
from our current business model;

adverse developments in our relationship with our employees;

potential liabilities for obligations of The Brink's Company under
the Coal Act;

changes in our credit ratings;

risks related to our increased indebtedness;

capital market conditions, including availability of funding
sources;

potential liabilities for legacy obligations relating to the
separation from Tyco;

failure to fully realize expected benefits from the separation from
Tyco; and

difficulty in operating as an independent public company separate
from Tyco.

Given the risk factors and uncertainties that could cause our actual
results to differ materially from those contained in any forward-looking
statement, we caution investors not to unduly rely on our
forward-looking statements.These risk factors should not be
construed as exhaustive.We disclaim any obligations to and do
not intend to update the above list or to announce publicly the result
of any revisions to any of the forward-looking statements to reflect
future events or developments.If one or more of these risks or
uncertainties materialize or if our underlying assumptions prove to be
incorrect, actual results may vary materially from what we projected,
including the market prices of our common stock during the term and
after the completion of the accelerated share repurchase, the ability of
the broker selected by us to buy or borrow shares of our common stock,
the ability to complete the share repurchases within the proposed timing
or at all, the number of shares that ultimately will be repurchased, and
the uncertainty regarding the amount and timing of future share
repurchases by ADT and the origin of funds used for such repurchases.Consequently, actual events and results may vary significantly from
those included in or contemplated or implied by our forward-looking
statements.More detailed information about these and other
factors is set forth in ADT's most recent annual report on Form 10-K,
our quarterly reports on Form 10-Q and in other subsequent filings with
the U.S. Securities and Exchange Commission.

THE ADT CORPORATION

CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(Unaudited)

For theQuarters Ended

For theSix Months Ended

March 28,2014

March 29,2013

% Change

March 28,2014

March 29,2013

% Change

Revenue

$

837

$

821

1.9%

$

1,676

$

1,630

2.8%

Cost of revenue

356

341

4.4%

718

677

6.1%

Selling, general and administrative expenses

313

301

4.0%

620

582

6.5%

Separation costs

4

5

(20.0)%

9

11

(18.2)%

Operating income

164

174

(5.7)%

329

360

(8.6)%

Interest expense, net

(46

)

(30

)

53.3%

(93

)

(54

)

72.2%

Other income

—

16

(100.0)%

2

22

(90.9)%

Income before income taxes

118

160

(26.3)%

238

328

(27.4)%

Income tax expense

(55

)

(53

)

3.8%

(98

)

(116

)

(15.5)%

Net income

$

63

$

107

(41.1)%

$

140

$

212

(34.0)%

Earnings per share:

Basic

$

0.35

$

0.47

(25.5)%

$

0.74

$

0.92

(19.6)%

Diluted

$

0.34

$

0.47

(27.7)%

$

0.74

$

0.91

(18.7)%

Weighted-average shares outstanding:

Basic

182

226

(19.5)%

189

230

(17.8)%

Diluted

183

229

(20.1)%

190

233

(18.5)%

Effective tax rate

46.6

%

33.1

%

1350 bps

41.2

%

35.4

%

580 bps

THE ADT CORPORATION

CONDENSED AND CONSOLIDATED BALANCE SHEETS

(in millions)

(Unaudited)

March 28,2014

September 27,2013

Assets

Current Assets:

Cash and cash equivalents

$

332

$

138

Accounts receivable trade, net

82

86

Inventories

73

66

Prepaid expenses and other current assets

73

85

Deferred income taxes

204

205

Total current assets

764

580

Property and equipment, net

231

235

Subscriber system assets, net

2,127

2,002

Goodwill

3,456

3,476

Intangible assets, net

2,836

2,922

Deferred subscriber acquisition costs, net

541

520

Other assets

192

178

Total Assets

$

10,147

$

9,913

Liabilities and Equity

Current Liabilities:

Current maturities of long-term debt

$

3

$

3

Accounts payable

174

203

Accrued and other current liabilities

269

264

Income taxes payable

39

43

Deferred revenue

247

245

Total current liabilities

732

758

Long-term debt

4,712

3,373

Deferred subscriber acquisition revenue

798

769

Deferred tax liabilities

629

551

Other liabilities

154

140

Total Liabilities

7,025

5,591

Total Equity

3,122

4,322

Total Liabilities and Equity

$

10,147

$

9,913

THE ADT CORPORATION

CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)

For the Six Months Ended

March 28, 2014

March 29, 2013

% Change

Cash Flows from Operating Activities:

Net income

$

140

$

212

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation and intangible asset amortization

509

459

Amortization of deferred subscriber acquisition costs

65

60

Amortization of deferred subscriber acquisition revenue

(74

)

(65

)

Stock-based compensation expense

9

9

Deferred income taxes

82

116

Provision for losses on accounts receivable and inventory

25

27

Changes in operating assets and liabilities and other

1

(6

)

Net cash provided by operating activities

757

812

(6.8)%

Cash Flows from Investing Activities:

Dealer generated customer accounts and bulk account purchases

(225

)

(290

)

Subscriber system assets

(325

)

(265

)

Capital expenditures

(33

)

(27

)

Other investing

28

(17

)

Net cash used in investing activities

(555

)

(599

)

(7.3)%

Cash Flows from Financing Activities:

Proceeds from exercise of stock options

12

72

Excess tax benefit from stock-based award activities

2

—

Repurchases of common stock under approved program

(1,286

)

(760

)

Repurchases of common stock for employee related program

(2

)

(6

)

Dividends paid

(62

)

(58

)

Proceeds received for allocation of funds related to the Separation

—

32

Proceeds from long-term borrowings

1,725

700

Repayment of long-term debt

(376

)

(1

)

Debt issuance costs

(20

)

(6

)

Other financing

(1

)

—

Net cash used in financing activities

(8

)

(27

)

(70.4)%

Effect of currency translation on cash

—

(1

)

Net increase in cash and cash equivalents

194

185

Cash and cash equivalents at beginning of period

138

234

Cash and cash equivalents at end of period

$

332

$

419

THE ADT CORPORATION

GAAP to Non-GAAP Reconciliations

(Unaudited)

Net Income Before Special Items

For the Quarters Ended

For the Quarters Ended

For the Six Months Ended

($ in millions)

March 28,2014

March 29,2013

% Change

March 28,2014

December 27,2013

% Change

March 28,2014

March 29,2013

% Change

Net Income (GAAP)

$

63

$

107

(41.1)%

$

63

$

77

(18.2)%

$

140

$

212

(34.0)%

Restructuring and related, net(1)

6

—

6

3

9

—

Conversion costs(1)

4

—

4

2

6

—

Non-recurring separation costs(1)

3

3

3

3

6

7

Separation related other expense (income)(2)

—

(15

)

—

1

1

(21

)

Pre-separation tax adjustments

13

—

13

—

13

—

Net Income before special items

$

89

$

95

(6.3)%

$

89

$

86

3.5%

$

175

$

198

(11.6)%

(1) Items have been presented net of tax of $6M for the quarter ended
March 28, 2014, $2M for the quarter ended March 29, 2013, $6M for the
quarter ended December 27, 2013, $12M for the six months ended March 28,
2014 and $4M for the six months ended March 29, 2013.

(2) Relates to the 2012 Tax Sharing Agreement between Tyco, ADT and
Pentair.

Diluted EPS Before Special Items

For the Quarters Ended

For the Quarters Ended

For the Six Months Ended

March 28,2014

March 29,2013

% Change

March 28,2014

December 27,2013

% Change

March 28,2014

March 29,2013

% Change

Diluted EPS (GAAP)

$

0.34

$

0.47

(27.7)%

$

0.34

$

0.39

(12.8)%

$

0.74

$

0.91

(18.7)%

Impact of special items(1)

0.15

(0.06

)

0.15

0.04

0.18

(0.06

)

Diluted EPS before special items

$

0.49

$

0.41

19.5%

$

0.49

$

0.43

14.0%

$

0.92

$

0.85

8.2%

(1) Items have been presented net of tax where applicable.

Diluted EPS Before Special Items at Cash Tax Rates

For the Quarters Ended

For the Quarters Ended

For the Six Months Ended

March 28,2014

March 29,2013

% Change

March 28,2014

December 27,2013

% Change

March 28,2014

March 29,2013

% Change

Diluted EPS (GAAP)

$

0.34

$

0.47

(27.7)%

$

0.34

$

0.39

(12.8)%

$

0.74

$

0.91

(18.7)%

Plus: Impact of income tax expense on diluted EPS

0.30

0.23

0.30

0.22

0.52

0.50

Less: Impact of income taxes paid, net of refunds

(0.05

)

(0.03

)

(0.05

)

(0.02

)

(0.08

)

(0.04

)

Diluted EPS at cash tax rates

$

0.59

$

0.67

(11.9)%

$

0.59

$

0.59

—%

$

1.18

$

1.37

(13.9)%

Impact of special items(1)

0.10

(0.04

)

0.10

0.07

0.17

(0.04

)

Diluted EPS before special items at cash tax rates

$

0.69

$

0.63

9.5%

$

0.69

$

0.66

4.5%

$

1.35

$

1.33

1.5%

(1) Items presented at cash tax rates where applicable.

THE ADT CORPORATION

GAAP to Non-GAAP Reconciliations (continued)

(Unaudited)

EBITDA Before Special Items

For the Quarters Ended

For the Quarters Ended

For the Six Months Ended

($ in millions)

March 28,2014

March 29,2013

% Change

March 28,2014

December 27,2013

% Change

March 28,2014

March 29,2013

% Change

Net Income (GAAP)

$

63

$

107

(41.1)%

$

63

$

77

(18.2)%

$

140

$

212

(34.0)%

Interest expense, net

46

30

46

47

93

54

Income tax expense

55

53

55

43

98

116

Depreciation and intangible asset amortization

260

232

260

249

509

459

Amortization of deferred subscriber acquisition costs

33

30

33

32

65

60

Amortization of deferred subscriber acquisition revenue

(37

)

(33

)

(37

)

(37

)

(74

)

(65

)

EBITDA

$

420

$

419

0.2%

$

420

$

411

2.2%

$

831

$

836

(0.6)%

EBITDA Margin

50.2

%

51.0

%

-80 bps

50.2

%

49.0

%

120 bps

49.6

%

51.3

%

-170 bps

Restructuring, net

1

—

1

5

6

—

Acquisition and integration costs

—

—

—

1

1

—

Conversion costs

6

—

6

3

9

—

Non-recurring separation costs

4

5

4

5

9

11

Separation related other expense (income)(1)

—

(15

)

—

1

1

(21

)

EBITDA before special items

$

431

$

409

5.4%

$

431

$

426

1.2%

$

857

$

826

3.8%

EBITDA Margin before special items

51.5

%

49.8

%

170 bps

51.5

%

50.8

%

70 bps

51.1

%

50.7

%

40 bps

Subscriber acquisition cost expenses net of related revenue

94

99

94

98

192

196

EBITDA before special items (pre-SAC)

$

525

$

508

3.3%

$

525

$

524

0.2%

$

1,049

$

1,022

2.6%

EBITDA Margin before special items (pre-SAC)

66.7

%

65.6

%

110 bps

66.7

%

66.6

%

10 bps

66.6

%

66.5

%

10 bps

Revenue (GAAP)

$

837

$

821

1.9%

$

837

$

839

(0.2)%

$

1,676

$

1,630

2.8%

Subscriber acquisition cost related revenue

(50

)

(47

)

(50

)

(52

)

(102

)

(93

)

Revenue (pre-SAC)

$

787

$

774

1.7%

$

787

$

787

—%

$

1,574

$

1,537

2.4%

(1) Relates to the 2012 Tax Sharing Agreement between Tyco, ADT and
Pentair.

(3) Gross creation cost includes amount held back from dealers for
chargebacks.

FCF Before Special Items

For the Quarters Ended

For the Quarters Ended

($ in millions)

March 28,2014

March 29,2013

% Change

March 28,2014

December 27,2013

% Change

Net cash provided by operating activities

$

422

$

403

4.7%

$

422

$

335

26.0%

Dealer generated customer accounts and bulk account purchases

(115

)

(165

)

(115

)

(110

)

Subscriber system assets

(168

)

(143

)

(168

)

(157

)

Capital expenditures

(21

)

(14

)

(21

)

(12

)

FCF

$

118

$

81

45.7%

$

118

$

56

110.7%

Restructuring, net

—

1

—

—

Acquisition and integration costs

1

—

1

—

Tax sharing costs

(12

)

—

(12

)

—

Conversion costs

5

—

5

1

Non-recurring separation costs including capital expenditures

9

9

9

11

FCF before special items

$

121

$

91

33.0%

$

121

$

68

77.9%

Revenue at Constant Currency

For the Quarters Ended

For the Six Months Ended

($ in millions)

March 28,2014

March 29,2013

% Change

March 28,2014

March 29,2013

% Change

Recurring revenue as reported

$

773

$

756

2.2%

$

1,548

$

1,500

3.2%

Recurring revenue at constant currency (1)

$

777

$

756

2.8%

$

1,554

$

1,500

3.6%

Total revenue as reported

$

837

$

821

1.9%

$

1,676

$

1,630

2.8%

Total revenue at constant currency (1)

$

841

$

821

2.4%

$

1,683

$

1,630

3.3%

(1) Constant currency revenue results are calculated by translating
current period revenue in local currency using the prior comparable
period's currency conversion rate.

THE ADT CORPORATION

GAAP to Non-GAAP Reconciliations (continued)

(Unaudited)

Leverage Ratio

For the Twelve Months Ended

($ in millions)

March 28,2014

September 27,2013

September 28,2012

Net Income (GAAP)

$

349

$

421

$

394

Interest expense, net

156

117

92

Income tax expense

203

221

236

Depreciation and intangible asset amortization

992

942

871

Amortization of deferred subscriber acquisition costs

128

123

111

Amortization of deferred subscriber acquisition revenue

(144

)

(135

)

(120

)

EBITDA

$

1,684

$

1,689

$

1,584

Restructuring, net

5

(1

)

4

Acquisition and integration costs

3

2

14

Conversion costs

9

—

—

Non-recurring separation costs

21

23

7

Separation related other income(1)

(1

)

(23

)

—

EBITDA before special items

$

1,721

$

1,690

$

1,609

EBITDA Margin before special items

51.3

%

51.1

%

49.8

%

(1) Relates to the 2012 Tax Sharing Agreement between Tyco, ADT and
Pentair.

($ in millions)

March 28,2014

September 27,2013

September 28,2012

Current maturities of long-term debt

$

3

$

3

$

2

Long-term debt

4,712

3,373

2,525

Total Debt

$

4,715

$

3,376

$

2,527

Leverage Ratio(2)

2.7

2.0

1.6

(2) Leverage ratio is defined as the ratio of debt to trailing twelve
month EBITDA before special items.

THE ADT CORPORATION

SELECTED FINANCIAL AND OPERATING DATA

(Unaudited)

For the Quarters Ended

March 28,2014

March 29,2013

Change

Recurring customer revenue (in millions)

$

773

$

756

2.2%

Other revenue (in millions)

64

65

(1.5)%

Total revenue (in millions)

$

837

$

821

1.9%

Ending number of customers (in thousands)(1)

6,416

6,445

(0.4)%

Gross customer additions (in thousands)(1)

232

301

(22.9)%

Customer revenue attrition rate(2)

14.2

%

13.5

%

70 bps

Customer unit attrition rate(3)

13.7

%

13.0

%

70 bps

Average revenue per customer (dollars)(1) (4)

$

41.05

$

39.79

3.2%

(1) During the first quarter of fiscal year 2014, the Company determined
that a small number of customer upgrades in Canada were incorrectly
reflected as customer additions in prior periods. As a result,
historical ending number of customers, gross customer additions and
average revenue per customer have been adjusted. This adjustment had no
impact on our financial statements for any prior periods.

(2) The attrition rate is a 52 week trailing ratio, the numerator of
which is the annualized recurring revenue lost during the period due to
attrition, net of charge-backs and re-sales, and the denominator of
which is total annualized recurring revenue based on an average of
recurring revenue under contract at the beginning of each month during
the period.

(3) The attrition rate is a 52 week trailing ratio, the numerator of
which is the trailing twelve month units canceled during the period due
to attrition, net of charge-backs and re-sales, and the denominator of
which is the average of the customer base at the beginning of each month
during the trailing twelve month period.

(4) Average revenue per customer measures the average amount of
recurring revenue per customer per month, and is calculated based on the
recurring revenue under contract at the end of the period, divided by
the total number of customers under contract at the end of the period.

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DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.

@DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises - and delivering real results.

With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence around personal data.

Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.

DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, machine learning and the Internet of Things.

Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to advisory roles at startups. He has worked extensively on monetization, SAAS, IoT, ecosystems, partne...

Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also received the prestigious Outstanding Technical Achievement Award three times - an accomplishment befitting ...

DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City.
Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 Cloud Computing Blogger for IT Integrators" by CRN (2015). Mr. Jackson's professional career includes...

Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve full cloud literacy in the enterprise world.

Cloud computing budgets worldwide are reaching into the hundreds of billions of dollars, and no organization can survive long without some sort of cloud migration strategy. Each month brings new announcements, use cases, and success stories.